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Zawya
7 days ago
- Business
- Zawya
Egypt details economic strategy, private sector empowerment to Goldman Sachs
Egypt's Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, has outlined the country's economic reform progress and government efforts to empower the private sector and increase investment during a meeting with a Goldman Sachs delegation. The delegation included Farouk Soussa, Chief Economist at Goldman Sachs International Financial Institution, and other bank officials. The meeting reviewed key developments in the Egyptian economy and state initiatives aimed at improving the business environment and creating an investment climate attractive to local and foreign investors, thereby enhancing macroeconomic stability. Al-Mashat emphasised that strengthening macroeconomic stability has been a governmental priority since the inception of the economic reform programme, aiming to boost confidence and credibility in the Egyptian economy. 'Maintaining macroeconomic stability is a priority through continuous structural reforms,' Al-Mashat stated. The minister highlighted that current government priorities include sustaining macroeconomic stability and implementing the national programme for structural reforms. This programme is centred on three main pillars: promoting the resilience and stability of the macroeconomy, improving the business environment and investment climate, and advancing the transition to a green economy. Within this framework, Al-Mashat noted that various national entities are implementing numerous measures and policies to enhance public finance discipline and reduce burdens on investors. She mentioned that, for the first time, the state is working to consolidate all fees borne by investors into a single framework, following directives from President Abdel Fattah Al-Sisi. Furthermore, the government has established a national committee focused on the World Bank's Business Ready (B-Ready) report, which will measure and monitor regulations to improve the business environment and support the competitiveness of the Egyptian economy. Al-Mashat also referred to ongoing procedures to promote the transition to a green economy. The minister elaborated on the national strategy for economic development, affirming the state's determination to shift the Egyptian economic growth model towards one based on tradable and export-oriented sectors. 'We are working to elevate the Egyptian economic model to achieve investment and production-driven growth,' she said. Al-Mashat pointed to positive developments in the first half of the current fiscal year, which demonstrated positive growth with a qualitative change, led by the non-petroleum manufacturing sector, tourism, transport and storage, and information and communications technology. This occurred despite regional and global geopolitical tensions. Reviewing relationships with international institutions and development partners, Al-Mashat highlighted their role in driving finance for development, particularly for the private sector. She noted a positive change in the volume of financing alongside economic and structural reform measures, which contributed to an increase in such financing to approximately $4.2bn by the end of last year, surpassing government financing for the first time. The minister also outlined ongoing negotiations with the European Union to implement the second phase of the macroeconomic assistance mechanism and budget support, valued at €4bn. Al-Mashat addressed state measures to empower the private sector and create space for local and foreign investments through the implementation of the State Ownership Policy Document. She explained that the state is focusing on three pillars in this regard. The first is the sovereign fund, which aims to increase returns on assets and maximise their utilisation for future generations. This works alongside the government offerings unit at the Cabinet. The second element involves 'issuing the State-Owned Companies Law to maximize returns on assets and open up space for the private sector,' as Al-Mashat put it. She clarified that this law, currently under debate, concerns the management of or participation in state-owned companies and will enable the establishment of a unit to inventory and monitor these companies. This unit will undertake tasks including determining optimal methodologies for dealing with these companies to enhance private sector empowerment efforts. The third pillar involves partnerships, such as the one with the International Finance Corporation (IFC), which provides advisory services to strengthen public-private partnerships (PPP) in the airport sector. This aims to improve infrastructure, connectivity, and passenger services. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
03-06-2025
- Business
- Zawya
Minister of Planning, Economic Development Meets Goldman Sachs Delegation to Review Progress in the Egyptian Economy and Government Efforts to Empower the Private Sector and Increase Investment
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with H.E. Mr. Farouk Soussa, Chief Economist at Goldman Sachs International Financial Institution, and a number of bank officials. The meeting reviewed key developments in the Egyptian economy and the state's efforts to improve the business environment and create an investment climate to attract local and foreign investments and enhance macroeconomic stability. During the meeting, H.E. Dr. Rania Al-Mashat emphasized that since the beginning of the economic reform program, the government has prioritized strengthening macroeconomic stability, to boost confidence and credibility in the Egyptian economy. H.E. Minister Al-Mashat pointed out that the government's priorities include maintaining macroeconomic stability and implementing the national program for structural reforms. This program focuses on three key pillars: promoting the resilience and stability of the macroeconomy, improving the business environment and investment climate, and driving the transition to a green economy. H.E. Dr. Al-Mashat noted that within the framework of the program, varous national entities are implementing dozens of measures and policies that enhance public finance discipline and reduce burdens on investors. For the first time, the state is working to consolidate all fees borne by investors to unify them into a single framework, following the directives from H.E. President Abdel Fattah El-Sisi. The government has also formed a national committee concerned with the Business Ready (B-Ready) report, issued by the World Bank, which will measure and monitor the regulations to improve the business environment and support the competitiveness of the Egyptian economy, and referred to the ongoing procedures to promote the transition to a green economy. H.E. Dr. Al-Mashat highlighted the national narrative for economic development and the state's determination to transform the Egyptian economic growth model to be based on tradable and export-oriented sectors. She pointed to the positive developments in the first half of the current fiscal year, which showed positive growth with a change in the quality of growth, led by the non-petroleum manufacturing sector, tourism, transport and storage, and information and communications technology, despite geopolitical tensions in the region and the world. H.E. Minister Al-Mashat also reviewed the strong relationships with international institutions and development partners to drive finance for development, particularly for the private sector, and the positive change in the volume of financing alongside economic and structural reform measures. This contributed to an increase in financing to approximately $4.2 billion by the end of last year, exceeding government financing for the first time. She outlined the ongoing negotiations with the European Union to implement the second phase of the macroeconomic assistance mechanism and budget support worth €4 billion. H.E. Dr. Al-Mashat addressed the state's measures to empower the private sector and make room for local and foreign investments through the implementation of the State Ownership Policy Document. She highlighted that the state is working on three pillars in this context: first, the sovereign fund, which aims to increase returns on assets and maximize their utilization for future generations, alongside the government offerings unit at the Cabinet, as well as the currently debated law concerning the management of or participation in state-owned companies. This law will enable the establishment of a unit to inventory and monitor state-owned companies, which will undertake many tasks, including determining the best methodologies for dealing with companies to enhance private sector empowerment efforts. At the same time, she pointed to the partnership with the International Finance Corporation (IFC), which provides advisory services to strengthen public-private partnerships (PPP) in the airport sector, to improve infrastructure, connectivity, and passenger services. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
12-05-2025
- Business
- Zawya
UAE: SCC calls for flexible, comprehensive economic vision
The Sharjah Consultative Council (SCC) has made important suggestions on how to improve the economy and investment climate in Sharjah. They emphasised the need for ongoing efforts to create a better environment for business that supports both growth and sustainability, keeping in mind the needs of the community. A key recommendation is to establish a clear economic vision for Sharjah that includes measurable goals. This vision should not only focus on making the economy more competitive but also consider the social well-being of its people. It should be adaptable to future challenges, ensuring that Sharjah continues to thrive economically. During their 14th meeting, chaired by Dr. Abdullah Belhaif Al Nuaimi, the Council discussed how various organisations can work together to boost Sharjah's appeal for businesses and enhance the overall economic landscape. These recommendations reflect the Council's role in guiding and monitoring economic policies to align them with the goals of the community, promoting balanced development in the emirate. The meeting also included a review of the minutes from the previous session and addressed a question raised by Council member Rashid Abdullah bin Huwaiden Al Ketbi about the support and benefits available to job seekers in the private sector. Notable attendees included Abdullah Ibrahim Al Zaabi and Majid Hamad Al Marri, both leaders in the Human Resources Department. The Secretary-General of the Council, Ahmed Saeed Al Jarwan, read the text of the question directed by Council member Rashid Abdullah bin Huwaiden Al Ketbi to the Human Resources Department. The text read: Based on the provisions of Article (94) of Emiri Decree No. (55) of 2015 regarding the reorganisation of the internal regulations of the Sharjah Consultative Council and its amendments, and in line with the lofty directives of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to support national competencies and enhance job localisation, we would like to address the following to Abdullah Ibrahim Al Zaabi, Chairman of the Sharjah Department Human Resources in Sharjah: First: In light of the federal trend toward enhancing the attractiveness of private sector employment for citizens, and granting them priority in employment in government agencies after gaining at least three years of practical experience, what are the justifications the Human Resources Department relies on for canceling job applications from citizens who have transferred to private sector employment, instead of supporting their continued presence in the employment database to benefit from their experience in the future? Second: Considering that many young men who have completed national service may not possess advanced technical skills at this stage, such as language proficiency or computer skills, doesn't the Human Resources Department believe it would be more appropriate to support them with pre-qualification programs or guide them to accredited training courses before they undergo job interviews, rather than directly excluding them due to their lack of these skills, despite their possession of distinguished national qualifications? Third: What are the reasons preventing the Human Resources Department from creating a comprehensive database of citizens with academic qualifications and field experience, which would help accelerate the pace of employment in rare specialties and enhance the alignment of national competencies with the needs of local authorities? Abdullah Ibrahim Al Zaabi, Chairman of the Sharjah Human Resources Department, responded to the parliamentary question submitted by Rashid Abdullah bin Huwaiden Al Ketbi. At the beginning of his statement, he expressed his deep appreciation for the responsible national role played by the Consultative Council in raising vital issues that affect the interests of citizens, and its keenness to develop the employment system and raise the efficiency of government performance. In the same context, he praised the wise vision and lofty directives of His Highness the Ruler of Sharjah, which constitute the basic foundation of the Department's policies, especially with regard to empowering national competencies and enhancing job localisation opportunities in various sectors, especially in the private sector, which is considered important during the coming period to attract graduates to its various renewable jobs, and to work to increase the pace of Emiratisation in the private sector. In his speech, he said, 'First, I would like to extend, on my own behalf and on behalf of all Sharjah government employees, my sincere thanks to His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, for his generous interest and unlimited support for human resources in Sharjah, and for His Highness's approval of the creation of new job grades for the general cadre and the engineering cadre, as well as His Highness's approval of the period of remaining in the job grade to four years instead of six years, and His Highness's approval of the creation of a care leave as part of the leave of human resources systems in the Emirate of Sharjah, as all of these are considered incentives for government employees.' He added, 'Thanks are also extended to His Highness the Crown Prince, Chairman of the Sharjah Executive Council, for his continuous follow-up and wise directives to the Department. We also inform you that all the topics discussed in your esteemed Council are in the interest of the Emirate, its citizens and residents. We have witnessed this through the visit of (the Committee of Members of Islamic Affairs, Endowments, Municipalities, Security Affairs and Public Utilities in your esteemed Council), where some topics were discussed that contributed to the development of work in the Department. Thanks, are extended to Rashid Abdullah bin Huwaiden Al Ketbi, for the parliamentary question, which has had a positive impact in supporting the Department's directives and strategy towards serving government employees, job seekers and the community.' Al Zaabi highlighted that the department has successfully created 260 jobs across different private industries, hiring citizens in fields like engineering, accounting, and business management. The focus on Emiratisation continues, with significant funds allocated to help citizens prepare for the workforce. He stressed that the SDHR is dedicated to improving Emiratisation policies and developing initiatives that empower citizens to thrive in a positive and productive workplace. Al Zaabi underlined that these efforts are part of a strong commitment to fulfill the vision of our leadership and to establish an advanced human resources system that meets the aspirations of the Emirate of Sharjah and its vibrant community. In response to the comments made by Al Zaabi, bin Huwaiden Al Ketbi expressed his heartfelt thanks to the Department for their positive engagement and hard work in carrying out the vision and plans of His Highness the Ruler of Sharjah. These efforts are focused on empowering citizens and increasing their participation across different job sectors. He also commended the important role that various government departments in Sharjah play in creating an effective administrative system that encourages active involvement from citizens. Al Ketbi highlighted that Emiratisation, which means increasing the number of Emiratis in the workforce, is a vital national concern that requires cooperation from everyone, including both lawmakers and those in charge of implementing policies. He stressed the need to accelerate the hiring of Emiratis in private companies and to make these jobs more appealing to local talent. Additionally, he mentioned that Emiratis working in the private sector should receive ongoing support to help them contribute effectively to the growth of the national economy. He pointed out that the private sector is crucial for development, and efforts should be made to ensure that it attracts Emiratis for the long term, not just as a temporary option. He mentioned the need to create rules that ensure that Emiratis are given important job opportunities, especially in key positions. These rules should also protect the rights of Emiratis working in the private sector and set up clear ways to monitor their job situations, helping them feel secure in their careers. He emphasised that Emiratis who have experience working in the private sector should get priority for government jobs when openings arise. This aligns with a federal decision that values this experience in the hiring process. Al Ketbi also pointed out the importance of tracking information about Emiratis who have joined the private sector, especially those who have gained valuable skills or lost their jobs for reasons beyond their control. He stressed that it's crucial for recruitment agencies to keep this talent in mind, as it represents a valuable investment in the country's future. The Sharjah Consultative Council recently emphasised the need for more advanced tools and systems to ensure that citizens have fair and sustainable opportunities. They want to elevate the Emiratisation system to meet the aspirations of Sharjah's leadership. During their thirteenth session, held on April 24, 2025, the Council reviewed the policy of the Sharjah Department of Economic Development (SEDD). This session included discussions with key figures such as Hamad Ali Abdullah Al Mahmoud, the Chairman of SEDD, and other department leaders. The Council looked at various aspects that support the economic system within the department. After thorough discussions, the Council approved several recommendations aimed at strengthening the local economy. These suggestions stress the need for effective measures to ensure the stability and sustainability of economic activities. They highlighted the importance of revising licensing fees, simplifying the procedures for businesses, and improving the overall business environment to help projects thrive within the emirate. Council members also pointed out the banking challenges that business license holders face, particularly when it comes to opening bank accounts. They proposed creating a dedicated banking unit within the Department of Economic Development to provide support and guidance for investors. This initiative aims to strengthen the business climate and encourage ongoing economic activity in Sharjah. The recommendations highlighted the need for flexible economic policies tailored to the unique characteristics of the emirate, especially in the eastern and central regions. This includes ensuring that available facilities match people's purchasing power and population density. Additionally, it suggests rethinking the requirements for industrial and commercial spaces to boost economic activities in these areas. The recommendations also stressed the importance of launching creative economic initiatives that draw on both local and international best practices. Examples include instant and dual licenses, as well as smart financing platforms, all aimed at making Sharjah a more attractive investment hub for entrepreneurs and investors from around the world. When it comes to consumer protection, the Council noted the necessity of improving oversight of marketing campaigns and promotions to ensure they are transparent and trustworthy. This could involve conducting more market inspections and checking prices before and after seasonal discounts to build consumer confidence and ensure fairness in the marketplace. .
